Northern Oil and Gas (NYSE:NOG) Price Target Raised to $34.00

Northern Oil and Gas (NYSE:NOG) had its price objective boosted by stock analysts at Citigroup from $28.00 to $34.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 20.11% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Mizuho set a $29.00 price target on shares of Northern Oil and Gas in a report on Wednesday, January 21st. Royal Bank Of Canada cut their target price on Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Piper Sandler lifted their target price on Northern Oil and Gas from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Morgan Stanley set a $24.00 price target on Northern Oil and Gas and gave the company an “underweight” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $30.43.

Northern Oil and Gas Trading Up 2.8%

NOG traded up $0.78 during midday trading on Wednesday, hitting $28.31. The company’s stock had a trading volume of 1,194,940 shares, compared to its average volume of 2,211,880. Northern Oil and Gas has a 52-week low of $19.88 and a 52-week high of $32.62. The firm has a 50-day moving average price of $24.79 and a two-hundred day moving average price of $23.90. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.13. The firm has a market cap of $2.75 billion, a P/E ratio of 85.80 and a beta of 0.96.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.12. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The business had revenue of $610.18 million for the quarter, compared to analysts’ expectations of $524.98 million. During the same period last year, the company earned $1.11 earnings per share. The company’s quarterly revenue was up 18.5% on a year-over-year basis. On average, research analysts anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in shares of Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after acquiring an additional 14,492 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Northern Oil and Gas by 3.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after purchasing an additional 1,865 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Empowered Funds LLC grew its position in shares of Northern Oil and Gas by 5.0% during the first quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock worth $1,972,000 after buying an additional 3,124 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of Northern Oil and Gas by 41.8% in the first quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock worth $1,404,000 after buying an additional 13,690 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.